Razorpay gets SEBI approval for ₹5,500-6,500 crore IPO

Razorpay has reportedly received SEBI approval to pursue an IPO targeting ₹5,500-6,500 crore, according to sources, at an indicated valuation of about $5 billion. The Bengaluru-based financial solutions company confidentially filed its draft offer papers in June 2026, taking its domestic listing preparations into the next regulatory stage.

Has Razorpay received SEBI approval for its IPO?

Razorpay has received approval from the Securities and Exchange Board of India for its proposed initial public offering, according to sources cited in the reports. The approval brings the company closer to a stock market listing, although the final launch date, pricing and issue structure have not been publicly disclosed.

Razorpay used SEBI's confidential pre-filing route for its draft red herring prospectus in June 2026. This route enables a company to seek the regulator's feedback without immediately making its financial information and other sensitive business details public. As a result, investors will need to wait for final offer documents for formal disclosures on the company and the proposed issue.

How much does Razorpay plan to raise through the IPO?

Razorpay is reportedly targeting an IPO raise of ₹5,500 crore to ₹6,500 crore, although some reports have cited a range of ₹5,000 crore to ₹6,000 crore. The differing reported ranges mean the eventual issue size remains subject to final documentation, investor demand and market conditions.

The proposed issue has been described as part of Razorpay's broader move towards a domestic public listing. Earlier reports said the company had begun preparations after completing its move from the US to India in May 2025, a step referred to as a reverse flip. Reports have also indicated that the company had received shareholder approval for a fresh issue and an offer-for-sale component, but the final split has not been disclosed in the material available.

What valuation is Razorpay targeting in the IPO?

Razorpay is reportedly seeking a valuation of around $5 billion, equivalent to roughly ₹49,000-50,000 crore in the cited reports. That indicated level is below the $7.5 billion valuation reported for the company's major 2021 private funding round, when it raised $375 million.

Reports also said Razorpay had subsequently drawn interest at a lower valuation of $3 billion. These figures are reported market assessments and targets rather than a final IPO price. The eventual valuation will depend on the final offer terms, institutional and retail investor demand, and broader equity-market conditions at the time of launch.

When could Razorpay's IPO be listed?

Razorpay is working towards a listing in the first quarter of calendar 2027, according to people aware of the plan, while some reports had pointed to a potential debut as early as December. The timing is not fixed, and sources said volatile market conditions could push the listing to a later date.

The company is expected to file its final IPO papers before March 2027, according to reports. Filing the final documents would be a significant next step because it should provide the market with the offer terms and the information not disclosed during the confidential filing process. Until then, neither the launch date nor the final pricing can be treated as settled.

Which banks are advising Razorpay on the IPO?

Axis Capital, Kotak Mahindra Capital, JPMorgan and Citi have been named as advisers or bankers for Razorpay's proposed IPO. Their appointment indicates that the company has put in place the key advisory group required to take a public issue through the next stages.

The banking group will be involved in preparations around the offer, but their appointment does not determine the issue price or listing date. Those decisions will follow the final offer process and will be influenced by investor response and the condition of the market. Razorpay and SEBI did not respond to queries in one of the cited reports.

Conclusion

The reported SEBI approval marks a material regulatory step in Razorpay's path to a domestic listing. The company is targeting a sizeable ₹5,500-6,500 crore issue and a valuation near $5 billion, but the available information shows that both the fundraising range and schedule remain subject to change.

The next point to watch is Razorpay's expected filing of final IPO papers before March 2027. That filing should clarify the issue structure and provide the financial and business disclosures that were not made public under the confidential pre-filing route, while market conditions and investor demand will guide the eventual launch and pricing.